Our clients include Canadian and foreign individuals, owner-managed businesses and private companies, professionals and their corporations, condominium corporations, non-profit organizations, and registered charities.

Edwin Law CA, CFP

Licensed Public Accountant

 
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Tax Advisory
 

 
Many Canadians do not give much thought to how they can reduce their taxes until it is time to file their tax returns.  By then, many tax saving opportunities may be lost.  Filing your tax return is essentially a once-a-year accounting to the government to settle up you taxes owing or refund due for the previous year.  It is the tax planning steps that you take throughout each year that will save the most money at tax time and in the years to come.
 
Tax planning is a perfectly legitimate activity.  You are entitled to arrange your affairs, within the limits of the law, so that you pay a minimum amount of tax.
 
Tax evasion is a different story.  Evasion is illegal.  You are evading tax if you fail to report income or if you misstate facts so as to claim deductions or credits to which you are not entitled.  If you evade tax, you will be subject to interest, penalties, fines and possibly imprisionment as well as being required to pay the tax owing.  Taxpayers who have not filed returns for previous years, or who have not reported all of their income, can voluntarily correct their tax affairs.  They will not be penalized or prosecuted if they make a valid disclosure before they become aware of any compliance action being initiated by the Canada Revenue Agency against them.  These individuals may only have to pay the taxes owing, plus interest.  Our Tax Director has experience in assisting clients submitting voluntary disclosure requests to the Canada Revenue Agency.  Contact us for more details. 
 
Tax avoidance is the somewhat nebulous activity of using the tax system in a way in which it was not intended.  The Income Tax Act contains rules that deny the tax benefits of avoidance transactions if they are considered as misuse or abuse of the provisions of the Act.  The line between tax planning and tax avoidance is not always clear.
 
The income tax system is constantly changing.  The tax rules that you knew a couple years ago may have been modified.  It is prudent to contact a tax professional to thoroughly consider all the potential tax implications prior to undertaking any significant transactions.  Possibly, tax planning steps can be undertaken to further reduce any potential tax liabilities.  You are welcome to contact us to arrange for a free consulation.
 
Our Tax Director, Claudia Ku CPA, CA, has a broad range of experience advising clients on various tax matters, including but not limited to the following:
 
For corporation controlled by Canadian resident persons:
  • Tax saving with multiple claims of small business deduction
  • Identify opportunities for various tax credits (e.g. SR&ED credits, Ontario apprenticeship training tax credit) - hence tax saving
  • International tax planning for business expansion beyond the Canadian border
  • Tax deferral/compensation planning for shareholders/owners of business
  • Income splitting planning
  • Tax saving with multiple claims of up to $750,000 capital gain exemption by each shareholder of a corporation
  • Business succession planning
  • Planning for purchase or sale of a business
For corporation controlled by non-Canadian resident persons:
  • Determination of the non-Canadian resident corporation's Canadian tax liabilities and tax filing obligations
  • Other Canadian withholding tax obligations, including withholding tax for services rendered in Canada; and payroll tax obligations in respect of non-resident employees working in Canada
For individual:
  • Maximize deductions for self-employed or commission-based employees
  • Planning for incorporate business
  • RRSP/TFSA planning
  • Investors with real estate investments
  • Estate planning
 
 
Feel free to contact our Tax Director for a free consultation
Resources
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Check out our Frequently Ask Questions.  We may already have answered your questions!
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Read our Blog about Tax, Business and Accounting for ideas maximizing your networth, either by growing income, or saving money.
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Anything we can help?  Feel free to contact us or give Edwin a call at 416-986-7700.
  
 

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